The Spanish banking sector, together with its European counterpart, having completed the payment integration process, has committed to continuing to advance the promotion of payments in Europe, supported by innovation and incorporating the factor of speed. The aim was for credit institutions wishing to do so to be able to offer their clients instant transfer services, not only domestically but also internationally. However, the ultimate goal was much more ambitious, given that payments are a fundamental pillar in the creation of the single market. <\/p>\n
The European sector anticipated that interbank instant payments would open the door to new forms of payment, such as immediate mobile payments between individuals. Without waiting for others, Spanish banks launched Bizum, the immediate mobile payment platform, which is a good example of the commitment of Spanish credit institutions to lead the European payment system. Immediate payments with European scope were launched subsequently, although some banking communities in Europe have not yet joined the project. <\/p>\n
The unstoppable digitalization demands immediacy, and banks always seek the necessary technology to provide the best service to their clients and make their wishes viable. For clients, the fundamental aspect is that payment execution is secure, convenient, simple, and fast. Instant payments offer benefits for both individuals and businesses, with a clear positive impact on the latter regarding treasury management and, likely, delinquency rates.<\/p>\n
The launch of Bizum in 2016 has been a giant technological step for Spanish banks in their objective to offer new payment services, not only immediate but also with higher added value proposals. The creation of this platform also explains why most Spanish banks have advanced ahead of many of their European competitors in commercializing the new immediate transfer service. <\/p>\n
On February 14, Iberpay published the first data on immediate transfers executed by Spanish banks. According to the pan-European SEPA SCT INST standard, 80 Spanish entities carried out thousands of immediate transfers that day with an individual maximum limit of 15,000 euros. These transfers, completed in seconds, complement those that many of our entities have been performing since the end of last year with European and domestic counterparts. As is customary, given the high existing competition, the price applied to this service depends on each entity’s commercial policy. <\/p>\n
Banks and new non-bank financial competitors work together to modernize and make banking operations more efficient. However, it is true that Spanish banks have been and continue to be the main driving force behind technological advancement in our country’s financial world. The payments ecosystem is one of those that will bring the most benefits to clients, due to the possibilities envisioned with innovation. It also best reflects the high existing competition, both among banks and between banks and other entities. The new PSD2 regulation facilitates speed and efficiency in payments, while also strengthening their security. Under this new regulation, the payment system is enriched by increasing the already high competition. Banks compete to be the ones executing payments, while also competing to manage payment requests. All of this favors an increase in the offering of payment services, which always benefits the client. <\/p>\n
It would be a shame if, with this ecosystem, daily payments could not be modernized, or in other words, if, despite having these services available, citizens still had to carry cash.<\/p>\n
Jos\u00e9 Luis Mart\u00ednez Campuzano, spokesperson for the Spanish Banking Association<\/p>\n